High-quality forestry investment welcomed

New legislation that brings forestry rights into the overseas investment regime will help promote high-quality foreign investment that puts more emphasis on genuine benefits for New Zealanders, Forestry Minister Shane Jones says.

“The Bill recognises the importance of forestry to New Zealanders and I’m confident it’s struck the right balance that will boost forestry investment while ensuring the regime cannot be bypassed,” Shane Jones said.

“Following the Select Committee’s review and intensive consultation with stakeholders, some key changes have been made to the Bill, including increasing investors’ flexibility in obtaining consent and removing unnecessary red tape.

“Investors can now choose from any of three different tests when seeking to acquire forestry land or rights. The Bill also ensures that investors and landowners can make minor changes to their agreements without unnecessarily having to return to the Government to obtain consent.

The Government will report to Parliament on the operation and effectiveness of these amendments two years after the new regime starts.